This comes straight from a Dare2Draw email:
Under current law, artists who donate their created work may only deduct the cost of supplies (paper, canvas, paint, etc.) while a collector of the same work who donates it to charitable institutions is allowed to take a tax deduction equal to the FAIR market value of the donated work.
Artist-Museum Partnership Act
Amends the Internal Revenue Code to allow taxpayers who create literary, musical, artistic, or scholarly compositions or similar property a fair market value (determined at the time of contribution) tax deduction for contributions of such properties, the copyrights thereon, or both, to certain tax-exempt organizations, if such properties are properly appraised and are donated no less than 18 months after their creation. Limits the amount of such deduction based upon the donor’s artistic adjusted gross income, as defined by this Act.
Sponsor: Senator Patrick J. Leahy [D-VT]
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